1. Val is opening a hair salon, but she does not know what business form it should take. and disadvantages of operating as a sole proprietorship versus a corporation. (2 points available) 2. The accounting process generates financial reports for both intern 3. List the three main types of business activities on the statement of cash flows and give an example of each. 6 points available) 4. What are the purposes of (a) the balance sheet, (b) the income statement, (c) the statement of retained earnings, and (d) the statement of cash flows? (4 points available)